§ 59. Mr. PETHICK-LAWRENCEasked the Chancellor of the Exchequer whether he has any information to give with regard to the Serb-Croat-Slovene War Debt to this country and the Relief Debt?
§ Mr. CHURCHILLAn Agreement for the settlement of the War Debt of the Serb-Croat-Slovene Government to this country was signed on the 9th August last and its terms were published in a Command Paper (No. 2973) presented on the 8th November. The Relief Debts of the Serb-Croat-Slovene Government to this and other countries are to be repaid in full with interest at 6 per cent. up to 1st January, 1927, and at 5 per cent. thereafter within a period of 15 years from 1st January, 1927. Funding Agreements have now been signed in respect of all the Allied War Debts to this 358 country, except that of Russia, and arrangements have been made for the repayment in full, with interest, of all the Relief Debts, except that of Austria, which was postponed for 20 years on the flotation of the League of Nations Loan in 1923, and that of Armenia, which is now part of the Soviet Union.
§ Mr. SNOWDENCan the right hon. Gentleman say what will be the aggregate payments of all these countries?
§ Mr. CHURCHILLI could quite easily give the figure, which is a substantial one, but I prefer to have notice.
§ Mr. PETHICK-LAWRENCECan the Chancellor of the Exchequer give the figure, which is not given in the White Paper, of the present value of the payment of the Serb debt; the schedule of payments?
§ Mr. CHURCHILLI could give it, but not without notice.
§ Mr. SULLIVANDoes the funding arrangement apply to the French War debt?
§ Mr. CHURCHILLA debt settlement has been arrived at with France but, as is well known, France has not yet ratified that settlement, although the payments are being made.
§ Mr. SULLIVANIs it not the case that they have only made one payment, that of six millions?
§ Mr. CHURCHILLFrance has paid in full the payments which have so far fallen due under the scheme agreed, and I have no doubt that they will continue to do so.
§ Mr. SULLIVANI understand that you agreed to accept, on behalf of this country, £12,500,000 per year. Have you got £12,500,000 per year?
§ Mr. CHURCHILLI should be glad to send the hon. Member a copy of the agreement, and he will see that there was an eschelle by which the payments increase in the earlier years until they reach £12,500,000. They rise from £6,000,000 to £8,000,000, and so forth. We have now accomplished the year in which £6,000,000 was due, and we are now entering upon the year when £8,000,000 is due.
§ Mr. SULLIVANIs there any guarantee that it will be paid next year?
§ Mr. CHURCHILLWe have the duly signed formal pledge of the great Republic of France.
§ Mr. SNOWDENWhat does the right hon. Gentleman mean by the newly signed pledge? Is this something which has been done quite recently?
§ Mr. CHURCHILLNo. It is the agreement which has been made public.